Slide 1: Q3 2024 Results
Q3 2024 RESULTS October 31st 2024
Slide 2: Disclaimer
Disclaimer This document is for information purposes only and does not constitute an offer to sell, exchange or buy, or an invitation to make offers to buy, securities issued by any of the companies mentioned. This financial information has been prepared in accordance with international financial re
Slide 3: On the call today
On the call today Eloi Planes Jaime Ramírez Xavier Tintoré Executive Chairman CEO CFO 3
Slide 4: Key messages
Key messages 1. Strong performance in Q3 • Sales up across all regions driven by higher volumes • Europe coming back to positive growth for the first time since Q1 2022 • Excellent gross margin, driven by the Simplification Program • Strong cash generation with improved working capital and net debt
Slide 5: CEO's early observations
CEO’s early observations 1 Structurally attractive industry, with long-term growth underpinned by resilient aftermarket and favourable structural growth drivers 2 Global leader – based on unique footprint and offering – with significant scope to further consolidate a fragmented market 3 Focus on inn
Slide 6: Key pillars to drive transformation and market leadership
Key pillars to drive transformation and market leadership 1 Accelerate growth • Delivering commercial excellence • Enhancing both customer and end-user experience • Growing in high potential markets (organic and accretive M&A) 2 Enhance operational excellence • Maximizing productivity and efficiency
Slide 7: Strong performance YTD
Strong performance YTD YTD financial highlights €M 2023 2024 Evol. 24/23 Const. FX & • Sales up strongly in Q3, with Perimeter +8% volume, returning to Sales 1,623 1,637 0.8% 0.9% Group growth YTD • EBITDA higher YoY, driven by EBITDA 366 386 5.6% 6.1% higher gross margin despite inflation in Opex E
Slide 8: Strong performance in all regions in Q3 driven by volume
Strong performance in all regions in Q3 driven by volume Const. FX & YoY growth (%) Perimeter Sales by geography Q3 2024 YTD 2024 Southern Europe 6.4% (4.8%) Rest of Europe 3.8% (1.9%) North America 9.3% 5.5% Rest of the World 6.8% 2.6% Total 7.3% 0.9% (1%) 1% 1% 0% 1% Sequential sales improvement a
Slide 9: Highlights of the quarter
Highlights of the quarter Continued innovation Customer centricity Sustainability • New Energy Connect & Clear • Awarded ‘Vendor of the Year’ for • Deep dive report (link here), looking Connect platform for perfect water the fourth year in a row by US top into water as a scarce global treatment dist
Slide 10: Continued margin expansion
Continued margin expansion Evol. • Sales up 1% year-on-year, returning to YTD results €M 2023 % Sales 2024 % Sales growth, on the back of a strong Q3 24/23 performance driven by volumes Sales 1,623 100% 1,637 100% 0.8% • Gross margin strongly improved YoY, Gross margin 851 52.4% 915 55.9% 7.5% benef
Slide 11: Simplification Program on track and delivering
Simplification Program on track and delivering €57M accumulated savings since start >€60M run rate savings (€31M in FY 2023 + €26M in YTD 2024) expected by the end of 2024 Total gross savings from the Simplification Program €100M Reducing structure overlaps 1/3 Fixed cost Global procurement savings
Slide 12: Strong cash flow generation
Strong cash flow generation Cash flow (abridged) and net debt YTD €M 2023 2024 Evol. 24/23 • Strong cash generation YTD results in €161 million net debt reduction EBITDA 366 386 21 YoY and c.€80 million QoQ Net interest expense paid (52) (49) 4 Corporate income tax paid (28) (51) (23) • CF from oper
Slide 13: Summary
Summary 1. Strong performance YTD, with sequential quarterly improvement across all regions 2. Simplification Program well on track to deliver 2024 and 2025 savings 3. Excellent improvement in net working capital and lower net debt levels 4. Updated FY 2024 guidance, raising mid-point Guidance for F
Slide 14: Appendix
FLUIDRA Appendix
Slide 15: Sales by geography
Sales by geography Evol. Constant Const. FX & Q3 €M 2023 % Sales 2024 % Sales Const. FX 24/23 perimeter Perimeter Southern Europe 112 26% 119 26% 6.3% 6.4% 6.3% 6.4% Rest of Europe 62 14% 68 15% 10.2% 9.5% 4.5% 3.8% North America 179 41% 190 41% 6.5% 9.3% 6.5% 9.3% Rest of the World 85 19% 88 19% 3.
Slide 16: Sales by business unit
Sales by business unit Evol. Const. FX & Q3 €M 2023 % Sales 2024 % Sales 24/23 Perimeter Pool & Wellness 428 98% 457 98% 6.7% 7.7% Residential 299 68% 321 69% 7.4% 8.4% Commercial 43 10% 44 9% 3.4% 5.9% Residential Pool Water Treatment 70 16% 73 16% 5.1% 5.6% Fluid Handling 17 4% 19 4% 10.2% 9.1% Ir
Slide 17: Reconciliation of PBT to EBITDA
Reconciliation of PBT to EBITDA YTD €M 2023 2024 Evol. 24/23 Profit/loss before tax 151 171 13.3% Financial result 60 55 (7.9%) D&A 117 119 1.9% Restructuring, M&A and integration expenses 31 37 22.1% Stock based compensation 8 4 (50.4%) EBITDA 366 386 5.6% 17
Slide 18: Reconciliation of Profit attributable to the parent to Cash EPS
Reconciliation of Profit attributable to the parent to Cash EPS YTD €M 2023 2024 Evol. 24/23 Profit/loss attributable to the parent 108 123 14.1% Restructuring, M&A and integration expenses 31 37 22.1% Stock based compensation 8 4 (50.4%) Financial result 60 55 (7.9%) Net interest expense paid (52)
Slide 19: Net working capital
Net working capital % LTM % LTM September €M 2023 2024 Evol. 24/23 sales sales Inventories 498 24.3% 466 22.6% (6.4%) Trade and other receivables 309 15.1% 257 12.4% (16.8%) Trade payables 316 15.5% 345 16.7% 9.0% Operating net working capital 490 24.0% 378 18.3% (22.9%) Dividends, earn-outs & other
Slide 20: Interim financial position (abridged)
Interim financial position (abridged) Assets 09/2023 09/2024 Liabilities 09/2023 09/2024 PPE & rights of use 366 360 Share capital 192 192 Goodwill 1,339 1,288 Share premium 1,149 1,149 Other intangible assets 906 829 Retained earnings and other reserves 207 248 Non-current financial assets 60 22 In
Slide 21: Alternative Performance Measures
Alternative Performance Measures Fluidra’s financial statements are prepared according to IFRS and other applicable regulation. The financial information presented in this document also includes Alternative Performance Measures (‘APMs’) prepared according to the group’s reporting model. For further
Slide 22: Thanks for your attention
Thanks for your attention +34 93 724 39 00 Investor_relations@fluidra.com Avda. Alcalde Barnils 69 - 08174 Sant Cugat (Barcelona) www.fluidra.com 22